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If a check correctly written and paid by the bank for $626 is incorrectly recorded on the company's books for $662, the appropriate treatment on the bank reconciliation would be to do which of the following?
a) add $36 to the book's balance
b) subtract $36 from the book's balance
c) deduct $36 from the bank's balance
d) deduct $626 from the book's balance
Calculate the restated cash dividend per share for 2009 reported in the 2011 annual report for comparative purposes. Round your answer to two decimal places.
What is an example of a potentially unethical accounting situation? Why is the situation unethical? What is meant by the statement, "You cannot teach ethics"? How do ethics affect the financial results of a company?
Suppose a risk-free asset has an expected return of 5%. By definition, its standard deviation is zero, and its correlation with any other assets is also zero. Using only Asset A and the risk-free asset, plot the attainable portfolios.
Kat Inc. holds 75% of the outstanding common stock of Rax Corp. Rax currently owes Kat $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be eliminated?
Record the 2011 entries for the purchase of the machine and the lease on the books of Grande machinery and for Sunshine Engineering.
Sam pays $10,000 for the business's goodwill and another $10,000 for the seller's covenant not to compete for the next five years. Compute Sam's amortization deduction for the year of purchase.
Use the elements of the fraud triangle discussed in the chapter to identify internal control risks that should have influenced KPMG's position.
Roark Company paid $630,000 for a basket purchase that included land, a building and equipment. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately:
Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round to the nearest dollar.)
Speculate about which specific types of corporate deductions are most likely to result in an IRS audit and what precautions should be taken to minimize the risk of audit. Provide a rationale for your response.
What is Indigo Corporation's accumulated E & P at the start of the next year if its beginning balance this year is $200,000?
Palermo Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $400,000 for April and $475,000 for May. Cost of goods sold is expected to be 60% of sales.
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